Chrome Ore Market Share

APAC Market Forecast

On the basis of region, Asia Pacific is the key region of the chrome ore market with a 35% revenue share and will be most dominating during the forecast period. The growth of the market in the region is due to the growth in the stainless-steel industry, and fewer restrictions imposed on the mining and exporting of ores for its wider application. For instance, Australia has the largest mining sites and rich rock formations for mineral extraction by end users can also drive the growth of the market during the predicted year. South Africa, India, Finland, Turkey, and Kazakhstan are the leading producers of chrome ore.  In the forecast period of 2023 to 2029, the global market for refractories is estimated to grow from $33.01 billion in 2023, rising to $44.82 billion and reaching a compound annual growth rate of 4.5%.

Middle East and Africa Market Statistics

The Middle East and Africa chrome ore market is expected to showcase significant CAGR during the predicted year with a 28% market share. South Africa being one of the leading producers is a major supplier of chromite ore and ferrochromium to European Countries. Development in technology has also played a crucial role in increasing the growth of the market in the region as automatic machines and robots have made the mining process safe. 88% of companies plan to invest in adding automotive robotics to their organizations. In the world, over 3 million production robots are in use. Rise in the mining and exploration activities has also contributed to the growth of the market.